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55,000 square foot former school to be auctioned

The former site of IMPAC University, a graduate business school, and training facility for Integrated Control Systems Inc. consists of three buildings on four acres on the Peace River in Punta Gorda. It is to be
auctioned April 4.

Published: Thursday, February 28, 2013 at 1:00 a.m.

Last Modified: Wednesday, February 27, 2013 at 7:59 p.m.

PUNTA GORDA - One of the largest commercial buildings in Charlotte County is scheduled to be auctioned off in April, after three years on the market without significant offers.

The former training ground for Integrated Control Systems Inc., known as IMPAC, is far from a typical corporate headquarters or private business school.

Its three buildings, with 55,000 square feet in all, include indoor basketball and racquetball courts, a 242-seat auditorium and a slew of classrooms and offices.

The opening bid for the April 4 reserve auction is $1.8 million.

"It's probably the most dynamic property I have ever auctioned," said Lamar Fisher, owner of Fisher Auction Co. in Pompano Beach, which will conduct the sale. "The options run the gamut, from medical to an apartment complex, education center or adult living facility."

The four-acre waterfront campus, at 900 W. Marion Ave. in Punta Gorda, was built for $6 million in 1994 by James B. Irwin, records show. Irwin wanted the complex as a training ground for Integrated Control employees.

He later used the facility to start IMPAC University, a graduate business school.

But the company behind the institution filed for bankruptcy in 2004, and Irwin committed suicide in September 2009, records show. His estate now controls the property.

The waterfront complex has sat on the market for more than three years and failed to garner serious offers. The asking price has slid to around $7 million.

The only serious interest came in late 2011, when Charlotte County discussed buying the property to serve as incubator for entrepreneurs, similar to the three-story "Hub" offices in downtown Sarasota.

The county commission ultimately rejected the idea.

The property was last valued at $7.2 million. Its taxable value, as estimated by the county, was $4.5 million last year, records show.

All of the furniture -- including leather chairs and oak desks -- will be sold along with the building.

A groundskeeper has maintained the property since the school closed, Fisher said.

Because of its size, proximity to water and unique amenities, commercial real estate brokers say the property is probably best suited for apartments or a church complex.

"We have to look at properties in the most global sense and try to retrofit them into uses that better fit the future of Florida," said Stan Rutstein, a commercial broker with Re/Max Alliance Group. "It's going to take some stomach and a deep pocketbook."

<p><em>PUNTA GORDA</em> - One of the largest commercial buildings in Charlotte County is scheduled to be auctioned off in April, after three years on the market without significant offers.</p><p>The former training ground for Integrated Control Systems Inc., known as IMPAC, is far from a typical corporate headquarters or private business school.</p><p>Its three buildings, with 55,000 square feet in all, include indoor basketball and racquetball courts, a 242-seat auditorium and a slew of classrooms and offices.</p><p>The opening bid for the April 4 reserve auction is $1.8 million.</p><p>"It's probably the most dynamic property I have ever auctioned," said Lamar Fisher, owner of Fisher Auction Co. in Pompano Beach, which will conduct the sale. "The options run the gamut, from medical to an apartment complex, education center or adult living facility."</p><p>The four-acre waterfront campus, at 900 W. Marion Ave. in Punta Gorda, was built for $6 million in 1994 by James B. Irwin, records show. Irwin wanted the complex as a training ground for Integrated Control employees.</p><p>He later used the facility to start IMPAC University, a graduate business school.</p><p>But the company behind the institution filed for bankruptcy in 2004, and Irwin committed suicide in September 2009, records show. His estate now controls the property.</p><p>The waterfront complex has sat on the market for more than three years and failed to garner serious offers. The asking price has slid to around $7 million.</p><p>The only serious interest came in late 2011, when Charlotte County discussed buying the property to serve as incubator for entrepreneurs, similar to the three-story "Hub" offices in downtown Sarasota.</p><p>The county commission ultimately rejected the idea.</p><p>The property was last valued at $7.2 million. Its taxable value, as estimated by the county, was $4.5 million last year, records show.</p><p>All of the furniture -- including leather chairs and oak desks -- will be sold along with the building.</p><p>A groundskeeper has maintained the property since the school closed, Fisher said.</p><p>Because of its size, proximity to water and unique amenities, commercial real estate brokers say the property is probably best suited for apartments or a church complex.</p><p>"We have to look at properties in the most global sense and try to retrofit them into uses that better fit the future of Florida," said Stan Rutstein, a commercial broker with Re/Max Alliance Group. "It's going to take some stomach and a deep pocketbook."</p><p><empty></p><p><empty></p>